Houston-based Occidential Petroleum said Nov. 8 that production in Permian Basin increased in 2022Q3 to 523,000 boed from 499,000 boed in 2021Q3.  Oxy topped midpoint of guidance for Q3 with 1.18 million boed.  Vicki Hollub, president and CEO, said Oxy expects Q4 production of 1.2 million to 1.26 million boed with the Permian Basin accounting […]

Biden administration recently approved plans to build the nation’s largest oil export terminal anchored about 30 miles south of Freeport off Texas’ gulf coast.  When completed in 2025 it will add two million b/d to the U.S. oil export capacity.  Approval by maritime administration in U.S. Department of Transportation was filed in the federal register […]

Houston-based APA Corp. said recently it plans to return to single-digit growth in production in 2023 – driven by Permian Basin oil increases – after three years of production declines.  APA said Nov. 2 in its announcement of 2022Q3 operating results that adjusted production was 310,000 boed with upstream capital investment of $492 million – […]

Texas Independent Producers and Royalty Owners Association said Texas direct upstream employment for September was 202,900 – an increase of 900 from August 2022 and 34,000 from September 2021.  TIPRO said in September there were 11,382 active unique industry job postings in Texas, including 4,181 in Houston, 1,028 in Midland and 541 in Odessa.  Top […]

Texas and U.S. posted 2022 high counts of active drilling rigs for the second straight week.  Baker Hughes said as of Nov. 18 there were 349 rigs in Permian (down 1 past week, up 71 in past year), 375 in Texas (up 2 in past week, up 104 in past year), 103 in New Mexico […]

Tulsa-based Laredo Petroleum said Nov. 3 it expects 2022Q4 production of 72,500 to 75,500 boed (32,000 to 34,000 b/d of oil) with capital expenditures of $135 million to $145 million.  Focused on the Permian, Laredo now is operating two drilling rigs and one completion crew and expects to complete 13 wells in Q4.  Production in […]

Railroad Commission of Texas deployed inspectors to Reeves County after an earthquake of 5.4 magnitude Nov. 17 west of Pecos near the Reeves-Culberson border.  The agency is monitoring seismic data from U.S. Geological Survey, TexNET seismic monitoring program and private operator monitoring stations.  RRC inspectors are examining disposal activity at disposal wells in the area, […]

Crude production in seven major regions of U.S. is forecast to continue growing in December by U.S. Energy Information Administration.  EIA said in its latest drilling productivity report Nov. 14 that production is expected to grow by 91,000 b/d from November to 9.191 million b/d in December.  That includes a record 5.499 million b/d in […]

Midland-based Diamondback Energy made its second major acquisition in as many months with the Nov. 16 announcement that it is acquiring all leasehold interest and related assets of Lario Permian, subsidiary of family-owned Lario Oil & Gas. Value of the cash-and-stock transaction is $1.5 billion ($850 million cash). Closing is expected Jan. 31, 2023, for […]